04/07/2025
So, you’ve just discovered you were supposed to file a Foreign Bank Account Report (FBAR), maybe a Form 8938, and include that income from your old investment in the Cayman Islands. Whoops. Deep breaths—you’re not the first (and definitely not the last) U.S. taxpayer to miss the fine print on international tax reporting. That’s where […]
04/07/2025
If you’re a U.S. taxpayer living stateside with unreported foreign accounts or income, the words “offshore compliance” probably don’t inspire joy. But here’s the good news: the Internal Revenue Service (IRS) knows mistakes happen—and they’ve created a pathway to help you fix them (before things get expensive). It’s called the Streamlined Domestic Offshore Procedures (SDOP), […]
03/11/2025
Most Americans know basic tax concepts and terminology, like income, credits, deductions, and exclusions. Phrases like modified adjusted gross income (MAGI), on the other hand, aren’t always as well known. If you’re not familiar with MAGI, it can benefit you to read up on the concept. After all, understanding your MAGI can help you reduce […]
01/17/2025
Millions of Americans living abroad face the burden of citizenship-based taxation (CBT), which requires them to file and often pay taxes on their worldwide income regardless of residency. The US is one of only two countries with such a system. Now, a proposed residence-based taxation (RBT) bill is sparking hope and debate among expats. What […]
01/13/2025
It’s a question that comes up for expats almost every year: “Should I choose the standard deduction or itemized deductions?” The answer — as with so many things in life — is “it depends.” But if you need help choosing between itemized deductions vs. the standard deduction, we’re here to help. While the standard deduction […]
12/24/2024
Although everyone hopes their investments will increase in value, it’s possible for them to dip below their purchase price. Even if that’s not ideal, you may be able to use your losses to your advantage. Tax-loss harvesting is a tax strategy that allows taxpayers to claim losses that reduce their tax liability — potentially resulting […]
01/15/2025
Being an expat, freelancer, or small business owner comes with plenty of perks—freedom, flexibility, and the ability to take charge of your lifestyle. But with those benefits comes the responsibility of navigating complex tax forms. One form that often trips people up is Schedule 1, an attachment to Form 1040. Whether you’re filing as a […]
12/05/2024
For many expats with supplemental income, no tax return is complete without IRS tax form Schedule E. Not only can failing to file this form result in IRS penalties and audits — it may also prevent you from claiming deductions that can lower your taxable income. To reach full compliance and minimize your tax burden, […]
12/12/2024
If you’re a freelancer, independent contractor, small business owner, or expat subject to self employment tax, you’re probably familiar with the freedom that comes with being your own boss. But with that freedom comes a less glamorous reality: the responsibility to pay self-employment taxes. Unlike traditional employees, who share the cost of Social Security and […]
11/20/2024
Given the flexibility and autonomy it offers, it’s no wonder that so many expats are small business owners, freelancers, independent contractors, or otherwise self-employed. But even though self-employment comes with benefits, it can complicate your tax obligations. Those with self-employment income are often subject to additional filing requirements, like Schedule C. While it might all […]